Mindspace Business Parks REIT on Tuesday announced the acquisition of a 51 per cent stake in the 2.6 million sq. ft. International Tech Park Chennai (ITPC) on Radial Road for about ₹3,000 crore, marking one of the largest office transactions in India in recent years.
The seller is AIGP2 Chennai 1 Pte Ltd., a wholly owned subsidiary of CapitaLand India Growth Fund 2, while 360 ONE Asset will hold the remaining 49% stake through its real assets funds. The acquisition will be executed via Radial IT Park Private Limited, the holding entity of the asset, subject to regulatory approvals.
Asset details and occupancy profile
Located on the Pallavaram–Thoraipakkam Road (PTR) corridor, the campus comprises two towers of around 1.3 million sq. ft. each. Tower 1 has about 87% occupancy, while Tower 2—completed in September 2025—has 28% occupancy. The asset is anchored by marquee multinational tenants, including a leading global retailer, a financial services firm, and a wind technology company, which together account for roughly 70% of the leased space.
Expansion in Chennai micro-market
The acquisition follows Mindspace REIT’s recent purchase of Commerzone Pallikaranai in the same micro-market for ₹2,541 crore. Together, the two assets will create a combined footprint of about 5.2 million sq. ft. in the PTR corridor, making the REIT the largest office asset owner in the micro-market and among the top two in Chennai.
Portfolio growth and valuation impact
Post-acquisition, Mindspace REIT’s total portfolio will expand from 39 million sq. ft. to 44.2 million sq. ft., while gross asset value will rise from ₹44,130 crore to ₹48,321 crore. Chennai’s share in the portfolio will increase sharply from around 3% to 14%.
The deal, priced at a 2 per cent discount to independent valuation, is expected to add about ₹241 crore to net operating income on a pro forma basis. The asset will be rebranded as ‘One Radial’ upon completion.
Published on April 14, 2026